CounterPunch Exclusives

CounterPunch Exclusives

What the Democrats Need to Do to Defend and Strengthen Social Security

Photograph Source: US Government – Public Domain

Last month, the Social Security Administration released a report finding that by 2032 the Social Security Trust Fund will be able to cover just 78 percent of the benefits of more than 70 million Americans who have earned them.

In other words, if Congress does not act within the next six years, Social Security benefits will be cut by 22 percent.

We have an obligation to the American people to ensure that never happens.

Just as importantly, we have a responsibility to tell the American people exactly where we stand.

Americans deserve to know not only how we will extend Social Security’s solvency, but how we will address the retirement crisis facing millions of seniors today.

The United States is the wealthiest nation in the history of the world. Yet, more than 20 percent of our nation’s seniors are trying to survive on less than $15,000 a year, and nearly half are struggling to make ends meet on less than $30,000 annually.

The Organization for Economic Cooperation and Development (OECD) has found that the United States has the highest senior poverty rate of almost any major country on earth.

Adding insult to injury, nearly half of older workers between the ages of 55 and 64 have no retirement savings and no idea how they will ever be able to retire with any shred of dignity or respect.

Given that reality, the Democratic Caucus must make it abundantly clear that under no circumstances will we support legislation that cuts Social Security benefits, raises the retirement age, reduces Cost-of-Living Adjustments (COLAs), or privatizes this essential program.

Instead, at a time of unprecedented income and wealth inequality, our position must be simple and straightforward: we will strengthen and expand Social Security by requiring that the wealthiest people in this country finally pay their fair share into the Social Security system.

In 2023, the Chief Actuary of the Social Security Administration found that we could extend the........

© CounterPunch